Determine the effective semi-annual interest rate

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You are borrowing money that must paid back after 6 months. You are given the following loan options: (a) 12% per year (b) 11% per year, compounded daily (c) 1% per month (d) 11.5% per year, compounded monthly Determine the effective semi-annual interest rate. Which loan option do you prefer?

Reference no: EM131093186

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